Market Update

October 2018

Forward Looking Statements

Certain statements and other information included in this presentation constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-

looking statements") under applicable securities laws (such statements are often accompanied by words such as "anticipate", “forecast”, "expect", "believe", "may", "will",

"should", "estimate", "intend" or other similar words). All statements in this presentation, other than those relating to historical information or current conditions, are

forward-looking statements, including, but not limited to: our market outlook for 2018, including potash, nitrogen and phosphate outlook and including anticipated pricing of

and supply and demand for our products and services, expected market and industry conditions with respect to crop nutrient application rates, planted acres, crop mix,

crop ending stocks, prices and the impact of currency fluctuations and import and export volumes. These forward-looking statements are subject to a number of

assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As

such, undue reliance should not be placed on these forward-looking statements.

All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to

below and elsewhere in this document. Although Nutrien believes that these assumptions are reasonable, this list is not exhaustive of the factors that may affect any of

the forward-looking statements and the reader should not place an undue reliance on these assumptions and such forward-looking statements. The additional key

assumptions that have been made include, among other things, assumptions with respect to Nutrien's ability to successfully integrate and realize the anticipated benefits

of its already completed (including the merger of Agrium and PotashCorp) and future acquisitions, and that we will be able to implement our standards, controls,

procedures and policies at any acquired businesses to realize the expected synergies; that future business, regulatory and industry conditions will be within the

parameters expected by Nutrien, including with respect to prices, margins, demand, supply, product availability, supplier agreements, availability and cost of labor and

interest, exchange and effective tax rates; the completion of our expansion projects on schedule, as planned and on budget; assumptions with respect to global economic

conditions and the accuracy of our market outlook expectations for 2018 and in the future; the adequacy of our cash generated from operations and our ability to access

our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable

terms; our ability to maintain investment grade rating and achieve our performance targets; assumptions in respect of our ability to sell equity positions, including the

ability to find suitable buyers at expected prices and successfully complete such transactions in a timely manner; the receipt, on time, of all necessary permits, utilities and

project approvals with respect to our expansion projects and that we will have the resources necessary to meet the projects’ approach.

Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general global

economic, market and business conditions; the failure to successfully integrate and realize the expected synergies associated with the merger of Agrium and PotashCorp,

including within the expected timeframe; weather conditions, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices;

the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in

government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; political risks,

including civil unrest, actions by armed groups or conflict and malicious acts, including terrorism; the occurrence of a major environmental or safety incident; innovation

and security risks related to our systems; the inability to find suitable buyers for our equity positions and counterparty and transaction risk associated therewith; regional

natural gas supply restrictions; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities; gas supply interruptions at our Egyptian and

Argentinian facilities; any significant impairment of the carrying value of certain assets; risks related to reputational loss; certain complications that may arise in our mining

processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; and other risk factors detailed from time to time in

Agrium, PotashCorp and Nutrien reports filed with the Canadian securities regulators and the Securities and Exchange Commission in the United States, including those

relating to Nutrien’s business disclosed in our business acquisition report dated February 20, 2018, related to the merger of Agrium and PotashCorp.

Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as

may be required under applicable U.S. federal securities laws or applicable Canadian securities legislation.

2

October 3, 2018

Nutrien Has a Unique Global Footprint

LEGEND:

RETAIL

POTASH

NITROGEN

PHOSPHATE

ESN®

GRANULATION

LOVELAND PRODUCTS AND AFFILIATED FACILITIES

AGRICHEM

INVESTMENTS AND JV’S

OFFICES

South AmericaNorth American Integrated Footprint

Australia

>26MmtCombined sales tonnes of potash,

nitrogen, phosphate & sulfate1

1,700+North American

distribution touch points

~1,600Retail locations

worldwide

29Production facilities in

North America and Trinidad

October 3, 2018NOTE: European distribution and our ownership stakes in Sinofert and the MOPCO nitrogen facility are not included on these maps.

1 2017 proforma sales tonnes (excluding Conda phosphate and North Bend nitric acid facilities). Refers to manufactured product.

3

Selected Crop Prices(As at September 24, 2018)

Supportive Fundamentals in Key Offshore Markets

Source: Bloomberg, S&P Global Market Intelligence

$9.66$8.44

US Soybean (US$/bu)

3-Year Average 2018 Futures

$3.63 $3.62

US Corn (US$/bu)

1,000

1,233

Brazil Soybean

(BRL/mt)

2,566

2,163

Palm Oil (MYR/mt)

Regional Highlights

• Palm oil prices remain

at profitable levels

• Plantations

implemented yield

recovery programs

following drought in 2016

• Population and income

growth support demand

for a wide-range of crops

• Increased crop support

prices and normal

monsoon forecast should

support fertilizer demand

• Government

implemented higher

import duty on several

crops including oilseeds,

wheat and pulses

• Total US crop planted

acreage is up year over

year in 2018 despite

changes in crop mixes

• Despite increases,

fertilizer prices remain at

affordable levels

• Soybean acreage

expansion expected,

driven by historically high

prices

• The dispute on road

freight in Brazil has

improved and we expect

a strong application

season driven by

increased soybean area

• Farm consolidation

supporting fertilization

practices; continued shift

to high-value, nutrient-

intensive crops

• Government reduced

subsidized corn prices,

but proposed new ethanol

(E10) target by 2020

India Other AsiaNorth

America

Latin

AmericaChina

De

c’1

8

Oct’1

8

Dec’1

8

No

v’1

8

October 3, 2018

4

October 3, 2018Source: USDA, Nutrien

5

529606

686 720 767 751 706

339 382 420 414 446 426 392

2012 2013 2014 2015 2016 2017E 2018F

World World excl. China

Global Grain & Oilseeds Ending StocksMillion Tonnes

2131

44 44

5852

43

2012 2013 2014 2015 2016 2017E 2018F

US Corn Ending StocksMillion Tonnes

China Corn Ending StocksMillion Tonnes

6881

101111

102

80

59

2012 2013 2014 2015 2016 2017E 2018F

Improvement in underlying fundamentals increases grain supply risks for 2019

Declining Global Grain and Oilseed Stocks

* 2018F represents the 2018/19 crop year

Cash Grower Margins

October 3, 2018

6

0

50

100

150

200

250

300

350US Corn US Soybeans US Wheat US Cotton CAN Canola BRZ Soybeans

Cash Grower Margins1

Local Currency Margin/Acre

Prospective 2019 margins supportive of fall input demand, driven by favorable US corn

and wheat and Brazilian soybean margins

Source: USDA, Green Markets, CME GROUP, IMEA, Nutrien1 2016 and 2017 margins are based on average realized cash crop prices and estimated average fertilizer costs; 2018F margins are based on new crop 2018 futures prices less estimated basis and estimated average retail fertilizer prices; 2019F margins are based on new crop 2019 futures prices less estimated basis and estimated spot retail fertilizer prices; Brazilian grower margins are based on IMEA cost of production and price estimates for Mato Grosso

0

200

400

600

800

1,000

1,200

1,400

1,600

Chinese Soybean ImportsMillion Tonnes

Chinese Soybean Imports and Brazil-US Price Spread

Source: USDA, Bloomberg, Nutrien

Chinese soybean imports have grown at 8.5% CAGR – U.S. supply is likely needed to meet growth

Brazil soybean price premium is historically high, which tends to support U.S. export demand

0

1

2

3

4

5

6

7

8

9

10

-0.50

0.00

0.50

1.00

1.50

2.00

Jan

-15

Ma

y-1

5

Sep-1

5

Jan

-16

Ma

y-1

6

Sep-1

6

Jan

-17

Ma

y-1

7

Sep-1

7

Jan

-18

Ma

y-1

8

Sep-1

8

U.S. Export Sales Brazil-USG Spread

Brazil-US Price Spread & US Export Sales$/bu Spread Export Sales (mmt)

7

October 3, 2018

1319 22 24 24 22

28 30 3036

28

2422

28 2836 38

4349 53

57 66

0

10

20

30

40

50

60

70

80

90

100

200

7/0

8

200

8/1

9

200

9/1

0

201

0/1

1

201

1/1

2

201

2/1

3

201

3/1

4

201

4/1

5

201

5/1

6

201

6/1

7

201

7/1

8

US Other

Selected Potash Prices

Global Potash Prices

Near-term

Themes

International US Midwest

Normal potash demand

supported by affordable

prices and the need to

replace another year of

record yields.

US NOLA

Offshore imports remain at

elevated levels but imports

are down 12 percent from

a year ago.

150

200

250

300

350

400

SepJan Mar SepNov MaySep JulJul NovMay Jan MarMarJan JulMay

Brazil CFR ($/mt) US Midwest FOB ($/mt) US NOLA FOB ($/mt)

2016 2017

Stocks are flat-to-down in

most major international

markets. Consumption

has remained strong in

key markets.

October 3, 2018Source: Fertilizer Week, Nutrien

8

2018

Potash Fertilizer Consumption Growth2013-2018F CAGR*

Potash Consumption Trend Expected to Continue

Source: CRU, Fertecon, Industry Publications, Nutrien

Potash Shipment Growth2013-2018F Million Tonnes KCl

* Based on CRU potash fertilizer consumption forecast as at August 2018 ** Based on global shipment forecast for 2018 as at August 2018

8.1%

4.9%

4.1%

3.4%

2.1%

4.1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

China India OtherAsia

LatinAmerica

NorthAmerica

World

Affordable prices and agronomic need expected to drive strong potash consumption

growth, particularly in offshore markets

October 3, 2018

9

4.5

1.6

2.4

2.7

1.1

2013 2018F**China

0.4

India Other

Asia

Latin

America

North

America

Rest of

World

53.3

66.0

Global Potash Shipments by RegionMillion Tonnes KCl

Record Global Potash Demand Projected in 2018

Source: CRU, Fertecon, IFA, Nutrien

0

5

10

15

20

15 16 17E 18F 15 16 17E 18F 15 16 17E 18F 15 16 17E 18F 15 16 17E 18F 15 16 17E 18F

2018

Hig

hlig

hts

India

4.5 – 5.0 mmt

• Expect modest

demand growth in

line with positive

consumption trends

despite reduced

subsidy rates for

2018/19 FY

10.0 – 10.5 mmt

• Demand supported

by record palm oil

production and

robust crop

economics for a wide

range of key crops

Other

9.5 – 10.0 mmt

• Steady demand

supported by strong

affordability and

significant removal

of nutrients following

consecutive large

harvests

12.5 – 13.0 mmt

• Improved crop

economics and

acreage growth in

nutrient deficient

regions has

supported strong

potash demand

15.5 – 16.0 mmt

• Strong consumption

trends supported by

affordability and a

shift to more

potassium-intensive

crops like fruits and

vegetables

12.5 – 13.0 mmt

• Good affordability

and growing demand

for NPK fertilizers,

including in Africa,

are expected to

boost potash

demand

Other Asia Latin America ChinaNorth America

Previous Record:

6.3mmt (2010)

Previous Record:

10.1mmt (2017)

Previous Record:

11.1mmt (1997)

Previous Record:

12.2mmt (2017)

Previous Record:

15.8mmt (2015)

Previous Record:

13.7mmt (1997)

10

October 3, 2018

Record Global Potash Sales Expected in 2018

North American producers are expected to fill the void left by lower 2018 production in

the rest of the world

Source: CRU, Fertecon, Company Reports, Nutrien

Global Potash Sales Changes by RegionMillion Tonnes KCl

60

61

62

63

64

65

66

67

68

Europe Middle East2017

Producer

Sales

FSUNorth

America

2018F

Producer

Sales

South

America

Asia

11

October 3, 2018

70%

75%

80%

85%

90%

95%

100%

Relatively Tight Potash Supply & Demand

0

10

20

30

40

50

60

70

80

Demand Growth @ 3.0%/yr

Demand Growth @ 2.8%/yr

Operational Capability

Global Potash S&DMillion Tonnes KCl

Global Utilization Rate1

Percent

Expect demand growth and capacity closures to offset capacity additions;

operating rates expected to be at or above historical average

Demand Growth @ 2.8%/yr*

Demand Growth @ 3.0%/yr*

Source: CRU, Fertecon, IFA, Nutrien1 Based on estimated operational capability * Demand growth based on 20 year CAGR 2002 to 2022

October 3, 2018

12

Selected Urea Prices

Global Urea Prices

Near-term

Themes

China

Domestic availability is

tight after significant

shutdowns and higher

feedstock prices.

India

Indian inventories began

2018 at historically low

levels, supporting robust

imports in 2018.

US NOLA

Prices supported by

international markets;

trade balance fully

adjusted to new domestic

production.

150

200

250

300

350

400

JulJulMayJan Mar Sep NovNov SepMar JulJanMay Mar May SepJan

2016 2017

China FOB ($/mt) US NOLA FOB ($/mt) US Midwest FOB ($/mt)

October 3, 2018Source: Fertilizer Week, Nutrien

13

2018

Increased Energy Costs Support Nitrogen Prices

Source: Bloomberg, NYMEX, CRU, Fertecon, Nutrien

Chinese

Anthracite

Coal Prices(US$/MT)

Brent

Crude Oil

Price(US$/Barrel)

European

Hub Natural

Gas (TTF)(US$/MMBtu)

NYMEX

Natural Gas(US$/MMBtu)

$109 $99

$52 $44 $54$76

2013 2014 2015 2016 2017 2018

Current

$3.73 $4.26$2.63 $2.55 $3.02 $2.80

2013 2014 2015 2016 2017 2018

Current

$10.55

$8.22

$6.47

$4.54$5.71

$9.00

2013 2014 2015 2016 2017 2018

Current

Increased global energy prices support marginal nitrogen costs and prices

14

$175$151

$127$106

$149

$180

2013 2014 2015 2016 2017 2018

Current

October 3, 2018

Ammonia: Key Regional Trade Balances

Source: Fertecon, CRU, Nutrien

Key Ammonia Importing Regions Million Tonnes

Key Ammonia Exporting RegionsMillion Tonnes

4.0

2.4

1.1 1.1

0.5

4.6

4.1

2.6

1.4

1.11.0

2.63

0

2

1

4

6

5

W. E

uro

pe

Moro

cco

India

S. K

ore

a

Chin

a

US

+3%

+9%

+30%

-2%+90%

-43%

4.5

1.5

0.8

0.4

1.5

1.1

3.4

1.1

0.3

0.7

4.3

1.4

0.80.6

1.7

1.1

3.2

1.1

0.1

0.6

3

4

1

0

2

5

6

S. A

rabia

Iran

US

SE

. A

sia

Alg

eria

Qata

r

Russia

Canada

Ukra

ine

Trinid

ad

-4%

-2%

+1%+52%

+16%

0%

-7%

-2%

-70%

-18%

Prev. 3 year Avg 2018F

October 3, 2018

New U.S. capacity has reduced net import demand and global trade flows; however marginal

capacity closures and growth in non-US imports have offset U.S. reductions

Ammonia imports in China

nearly doubled in the last

3 years and are expected

to further increase in 2018

15

Tight Chinese Urea Supplies Reduce Exports

Chinese Urea ExportsMillion Tonnes

4.7

8.9

13.813.6

8.3

20172013 2014 2018F2015 2016

2.0-3.0

-36%

-47%

-36%

China’s

Urea

Capacity

Closures(Million Tonnes)

Chinese

Port Urea

Inventories(Million Tonnes)

(mid-September)

Chinese urea operating rates have increased, but port inventories remain low

Source: CRU, Fertecon, Profercy, Nutrien

0.63

0.24

20172016 2018

1.00

October 3, 2018

16

0

1

2

3

4

20152013 20162014 2017 2018F

US Ammonia ProductionMillion Tonnes

14.6

12.511.711.4

+45%

2018F

15.5-16.5

2017201620152014

US Urea ProductionMillion Tonnes

US UAN ProductionMillion Tonnes

12.1

11.2

10.010.3

+31%

2018F

12.5-13.5

2017201620152014

4.9

3.4

2.62.4

2014

+171%

2018F

5.5-6.5

201720162015

Source: TFI, CRU, Fertecon, Nutrien

Increased US Domestic Nitrogen Production

US nitrogen expansions are complete and increased domestic production has led to lower

imports and increased exports when netbacks are favorable

October 3, 2018

17

Tightening Global Nitrogen Supply & Demand

October 3, 2018

Global Nitrogen S&DMillion Tonnes Nitrogen

70%

75%

80%

85%

90%

95%

100%

0

20

40

60

80

100

120

140

160

180 Demand Operational Capability

Relatively stable capacity utilization in 2019 followed by rapid tightening

Global Utilization Rate1

Percent

Source: CRU, Nutrien1 Based on estimated operational capability* Demand growth based on 20 year CAGR 2002 to 2022

Demand Growth @ 2.0%/yr*

18

Selected Phosphate Prices

Global Phosphate Prices

Near-term

Themes

China

Significant environmental

and production economics

pressure.

US Midwest Brazil

Strong Latin American

demand expected to

continue into 2019.

250

300

350

400

450

500

Jan JanMayMar May Jul NovSep MarNov SepJan Mar MayJul Jul Sep

2016 2017

Tampa DAP FOB ($/mt) Brazil MAP CFR ($/mt)China DAP FOB ($/mt)

October 3, 2018Source: Fertilizer Week, Nutrien

Reduced US production

and strong international

prices are supporting US

domestic prices.

19

2018

Phosphate Raw Material Costs

Selected Raw Material PricesUS$/Tonne

0

50

100

150

200

250

300

350

400

JulMarJan May JulMaySep Nov Jan JanMar MayMarSepJul SepNov

Tampa Ammonia

Tampa Liquid Sulfur FOB

2016

Production costs and global phosphate prices continue to be impacted by higher

year-over-year sulfur prices

Source: Fertilizer Week, Nutrien

2017

October 3, 2018

20

2018

Expect Lower China DAP/MAP Exports

China P2O5 Capacity Operating RateMillion Tonnes Percent

Chinese DAP/MAP ExportsMillion Tonnes

15

16

17

18

19

20

21

22

23

60

65

70

75

80

85

2018F201720162015201420132012

CapacityOperating Rate

8.98.8

10.8

7.2

4.54.5

0

2

4

6

8

10

12

2018F

7.5-8.5

201720162015201420132012

Environmental pressures are expected to continue to impact Chinese production

and future export capabilities

October 3, 2018Source: CRU, Nutrien

21

Select Region Phosphate Trade

US DAP/MAP TradeMillion Tonnes

-3.2

-4.2-4.4-4.7

-5.2

-6.0-6.6-6.4

-3.8

2.41.8

1.41.20.80.6

0.90.5

0.1

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

2016 2018F201420122010

Imports Exports

India DAP Phosphate ImportsMillion Tonnes

5.0

4.04.3

5.8

3.63.5

6.26.4

7.6

0

1

2

3

4

5

6

7

8

2018F2012 20142010 2016

Source: Fertecon, CRU, Nutrien

* 2017 inventory estimate is from December 2017

Inventory*Imports

US and Chinese production reductions and tight inventories in India supportive of

stronger DAP imports in 2018

October 3, 2018

22

Expect Improvement in Global Phosphate Market

October 3, 2018Source: CRU, Nutrien

1 Based on estimated operational capability

Global Phosphate Operational Capability & DemandMillion Tonnes P2O5

70%

75%

80%

85%

90%

95%

100%

Global Utilization Rate1

Percent

0

10

20

30

40

50

60Demand Operational Capability

Low operating rates in China projected to balance the market in the short-term; demand

growth projected to exceed capacity additions from 2020-forward

23

Thank you!

MARKET OUTLOOK PRESENTATION October 3, 2018

For further information please visit Nutrien’s website at: www.nutrien.com

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